Johannesburg-based Harmony said it is offering $12.25 per Mac Copper share in the cash deal, a 20.7% premium to the stock's closing price in New York on Friday.

The Australian company's CSA Copper mine, situated in New South Wales, produced 41 000 metric tons of the metal last year.

Harmony said it will finance the acquisition with internal cash reserves and a $1.25 billion loan facility.

It is Harmony's second acquisition of copper assets in Australia after it bought the Eva Copper project in Queensland, in 2022.

--Reuters--